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Search Results 0 to 5 of about 6 (some duplicates have been removed)
Jul 15, 2012 12:00pm PDT
election that year, then-texas governor george w. bush running against al gore pledged to give that money back to the taxpayers. >> we don't believe the surplus is the government's money. we know the surplus is the people's money and we're going to send some of that money back to the people who pay their bills. >> and send it back he did. when he became president, through temporary tax cuts in 2001 and 2003 known as the bush tax cuts. the first of those tax cuts were set to expire back in 2010 but the economy was still shaky back then, so vice president biden and senator mitch mcconnell struck a deal to extend them for two more years for everyone. now those tax cuts are set to expire again at the end of this year. it is part of the so-called fiscal cliff that economists are warning the u.s. could go over if congress doesn't deal with it. now, president obama says let's extend them for another year -- but -- and this is the key point, not for everyone, just for what he calls the middle class -- families earning less than $250,000 per year, or individuals earning less than $200,000. >> i be
Jul 7, 2012 10:00am PDT
of control deficits or stimulus. it's barack obama or george w. bush, but it's not that simple, not that satisfying. one cause however does stand out amongst many. cheap and ample credit. for years the ability of almost every working american to access more credit than they should have been able to, masked the underlying fact that lower and middle class incomes were not rising. people felt and in many cases actually were wealthier than their salaries or socioeconomic status would suggest. getting a loan and buying a house, often more house than you needed or would have expected to buy, made you feel wealthier. as more people bought those houses, your net worth increased. you borrowed against that house, maybe. maybe you put your kids through college with the money. maybe you bought another house or financed a small business. maybe there wasn't even a house involved. maybe you did all of those things on low interest credit cards or other kinds of loans, but it doesn't really matter because generally economies were strong and you had a job, even if the job wasn't getting much bet
Search Results 0 to 5 of about 6 (some duplicates have been removed)